OPEC+ group to continue “decision to reduce production by 2 million bpd from November”
The OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will continue its “decision to reduce production by 2 million barrels a day from November”, taken on October 5, in line with the preservation of stability in the markets.
The 34th Ministerial Meeting held online by the 13-member OPEC led by Saudi Arabia and the energy and oil ministers of 10 non-OPEC oil producing countries led by Russia to evaluate the market conditions and discuss the amount of production to be implemented as of December has ended.
In the statement made by OPEC, pointing out the importance of the cut decision taken at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, the OPEC+ group said, “The decision in question was taken entirely in line with market assessments and in retrospect, it has affected the global oil markets by market participants. It has been recognized that this is the necessary and correct course of action to stabilize statement was included.
In the statement, it was stated that the participating countries could meet urgently to discuss the developments in the market and, if necessary, to support the balance and stability of the oil markets.
Pointing out that the parties’ commitment to the important decisions taken in the past was reiterated, the Joint Ministerial Monitoring Committee (JMMC), which has been held every month until now, will be held every two months from now on, but the Committee may hold additional meetings if it wishes, or in line with the developments in the markets, OPEC+ It was noted that the ministers could request a meeting at any time.